| | | September 21, 2004
$277,000 Private Placement Financing Closed
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| | Further to its July 28, 2004 news release, MBMI RESOURCES INC. (MBR-TSXV) "MBMI" has closed a non-brokered Private Placement financing of 2,000,000 Units at $0.10 per Unit for gross proceeds of $200,000, and 641,667 Flow-through Units at $0.12 per Unit for gross proceeds of $77,000.
Each Unit consists of one Common Share and one Common Share Purchase Warrant entitling the holder to purchase one Common Share for a period of 12 months after closing at a price of $0.12. Each Flow-through Unit consists of one Flow-through Common Share and one Common Share Purchase Warrant entitling the holder to purchase one Common Share for a period of 12 months after the Closing Date at a price of $0.15. Finders' fees of $12,500, 30,000 common shares, and 95,000 broker warrants (50,000 at $0.12, and 45,000 at $0.15 for a one year period) were paid. All securities issued are subject to a four month hold period expiring January 21, 2005.
The net proceeds shall be used for exploration on the Company's mineral properties, and for general corporate purposes. The Company will apply the Flow-through funds exclusively for exploration programs on mineral projects in Canada that will qualify as "Canadian Exploration Expense".
MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. The Company holds the rights to three Canadian projects: the Squall Lake, Manitoba gold project; the Copper Prince property in Sudbury, Ontario; and the McMillan gold mine property in Espanola, Ontario. In addition MBMI has entered into a joint venture enabling the Company to hold directly and indirectly an initial 60% interest in three nickel laterite properties in the Philippines.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, contact:
David G. Tafel - VP Corporate Development
Tel: 604-683-1991
Email: mbr@mbmiresources.com
Website: www.mbmiresources.com |
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| | You can view the Next News Releases item: Thu Oct 7, 2004, MBMI Options Former Producing McMillan Gold Mine Property to Young--Shannon Gold Mines
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